Used primarily in organic synthesis, this compound serves as an intermediate in the production of more complex molecules. It is particularly valuable in the pharmaceutical industry for developing active pharmaceutical ingredients (APIs) due to its functional groups that allow for further chemical modifications. Additionally, it finds application in material science for creating specialized polymers and coatings, where its structure contributes to desired properties like stability and flexibility. Its role in research and development is also notable, aiding in the study of chemical reactions and the synthesis of novel compounds.